The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-03-12
Thu B. 60. DIAL BUSTED.
ANEW PROPOSITION BEING coz.
sIDRRED
by Hr. Garrett, and Negotiations
Are Asoot for the Transfer TO
aPrivate Syndicate.

NKw YoRK, March 1.-THE nego.
tiatiops between Garrett and the Rich
mond Terminal Company have fallen
through and the deal is of. A new
proposition is now being considered
by Mr.. Garrett, and negotiations are
now on foot for the transfer OF control
OF the Baltimore and Ohio to syDdi'
cate Of private bankers.
NEW ARRANGEMENTS PoR THE PURCHASE
The new arrangement for the pur-
chase OF control OF the Baltimore and
Ohio by private syndicate, In which
Garrett will have an interes', contem-
plates plscing the stock in collateral
trust for a new company, and issuirg
bonds secured by this trust to the
amount OF $l0,000,0O0. These bonds
are TO be taken ss part payment OF the
stock. The new company will issue
$4,000 0t0 in stock, and holders IL
outstaD ding Baltimore ard Ohio stock
will receive three shares OF new stock
for one OF old. The new stock will be
listed on the New York Stock Elk
change, and on the present basis OF
earnings will receive dividends at the
rate Of @ per cent. per annum. The
express business, psrlor cars aud tele-
graph Inns will be sold at the best OPP
portunity, but until that is done will
be operated as heretofore. Come OF
the difficulties in the way Of deal are
said to be Staten island contracts and
the attitude OF the Pennsylvania rail
road.
STATEMENT OF ONE OF THE SYNDICATE.
NEW York, March 1.-THE follow
ing statement is made by one Of the
syndicate which is about TO acquire
control of the Baltimore and OHIO:
president Garrett has granted an
extension Of time in which to take up
the majority of the stock, and he will
not hold out on technicalities either
regarding the exact terms or time.
There is no option given 10 any one
person, but written sgreement 10 Ia
this CITY giving certain party the
right to buy the stock, and this party,
althopgh not mentioned In the con-
tract, Is clearly un6eigtood by both
Mr.. @ barrett aud the parties conducting
the negotiations. The Fsice is not
moro than 200, but whether IL Is less
or not will not say. Mr.. Garrett will
be represented In the syndicate, and
Mr.. Gould will also be represented
there. Toe eale OF the property,when
eliminated, will bring about o settle
ment OF the question Of en-
tering New York City. and
the telegraph and express
lines will be sold. Mr.. Sully has
the tame interest as before in the
syndicate and all interests are work
ing in harmony. The negotiations re-
ferrlng to the sale to Richmond Ter
minal failed on account OF the refusal
of the Executive Committee yesterday |
TO Consent to the Issue 81 tina addi' !
tional stock necessary. The stock will
be paid for in cash, which will either
be subscribed at once bv the syndicate
or loaned by the First National Bank,
Drexel, Morgan & Co., or Winslow,
Lanier & Co., who will Issue negoiis.
BILE certificates for 1t. The probability
ut present, however, Ia that the neces-
sary cssh will be subscribed. The
OF q new company Ia not |
contemplated. The securities may al. |
timately bs sold 10 the Richmond Ter.
minal Company, but at higher price
than that paid by the syndicate"
SAYS IT WILL BE ooNsUNMATRD.
BALTIMORE, Nd, March ia pri-
vate dispatch received in this city this
afternoon from New York says the
deal is not of and that IL will be con-
Bummstod. The following has Just
been issued from the Baltimore and
Ohio railroad office: Mr.. CARROTS
attention wss called to the newspaper
reports regarding the proposed rail-
way arrangements. He refused to |
talk further upon the subj ct, but
said whatever arrangements were |
made would commend Themselves to
the community OF Baltimore aud be
recognized as protective, wise and val
liable to all the interests involved.